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AAA-rated Dixon takes on underperforming GLG UK Income fund

AAA-rated Dixon takes on underperforming GLG UK Income fund

Citywire AAA-rated Henry Dixon has been appointed manager of the GLG UK Income fund.

GLG recruited Dixon (pictured) from Charles Stanley last year, as Wealth Manager exclusively revealed, to run a mirror version of his Undervalued Assets fund.

Undervalued Assets has returned 106% since its launch in August 2008, compared with the IMA UK All Companies average of 60% through the same period.

The £65 million GLG UK Income fund has returned 68% since its inception in 1999, versus 102% from its benchmark FTSE All Share index. Over three years the fund has returned 29% versus the index gain of 38%.

Former manager John White has relinquished his responsibilities on the fund to work on strategic initiatives at Man Group, GLG’s parent.

‘Equity income funds have always been the cornerstone of UK investors’ portfolios and we have been looking to develop our proposition in this space,’ commented Richard Phillips, head of UK retail at GLG.

Henry’s value style lends itself very well to income investing and he has the right approach and experience, having run a multi-cap UK equity fund with great success over a number of years, to seek out potentially the best income opportunities across the UK market.’

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